Nordstrom profit rises 17%, lifts outlook

SAN FRANCISCO (MarketWatch) -- Upscale retailer Nordstrom Inc.
JWN, -1.64%
reported late Thursday fiscal third-quarter net income rose to $83 million, or 38 cents a share, from $71 million, or 33 cents, a year ago. Net sales for the three months ended Oct. 31 rose 3.5% to $1.87 billion as shoppers hit by the recession gradually returned to stores. Same-store sales for the quarter slipped 1.2% from a year ago. The results matched what analysts polled by FactSet Research had expected. Nordstrom, citing continued improvement through the third quarter, raised its full-year earnings outlook to $1.83 to $1.88 a share from $1.50 to $1.65 previously. Shares of Seattle-based company fell 35 cents ahead of the report to close at $34.51. The stock is up 173% over the past 12 months.

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